In one of the most hotly anticipated stock market listings, historical British luxury sportscar marque, Aston Martin, floated in October 2018 at £19 per share. Less than two years later, the company’s share price had plummeted more than 90 per cent, there was a management shake-up and the business had to seek significant additional equity and debt financing to keep the business moving forward.
Having first partnered with Mercedes in 2013, working on engine development and Mercedes taking a small equity stake in the business, the German car maker is one of Aston Martin’s continued backers, raising its equity stake in the company in late 2020 to support the brand further. The strengthened partnership will “provide Aston Martin with access to new cutting-edge powertrain and software technologies and components, including next generation hybrid and electric drive systems”, stated Wolf-Dieter Kurz, head of product strategy at Mercedes.
Former CEO of Mercedes-AMG, Tobias Moers, became chief executive of Aston Martin in the summer of 2020 to spearhead a turnaround of the company’s fortunes. Canadian businessman Lawrence Stroll also invested to support the business in 2020 and became the company’s executive chairman.
The struggles of the past year was yet the latest twist in a turbulent history for one of the most revered sportscar brands in the world. However, despite the twists and turns of its financial fortunes, there continues to be a desire to see Aston Martin succeed and there have always been willing investors to take the reigns of this iconic brand, seduced by its heritage and continued belief in the opportunity of what has become one of most sought-after automobile marques in the world.
Article Source: Luxury Lifestyle Magazine